MTN confirmed the relaunched of Mobile Money service in South Africa

MTN has announced the relaunched of Mobile Money (MoMo), alongside new media offerings which will increase digital revenue.

To note, MTN launched its Mobile Money in 2012 which attracted over 2 million customers, but shut it down in 2016 due to lack of commercial feasibility.

“The operating costs of providing a mobile money platform have become prohibitive. The decision by MTN SA to shelve its mobile money service does not signify an exit from financial services,” said MTN at the time.

“MTN is committed to remaining a significant player in the financial services space.” The network said it will introduce new financial services products in the near future.